DEMAND FOR LIFE ANNUITIES FROM MARRIED COUPLES WITH A BEQUEST MOTIVE

This paper will try to explain the “annuities puzzle” in greater depth by introducing the bequest motive, both strategic and altruistic. It will try to determine whether this motive really is a relevant feature influencing the demand for lifetime annuities by married couples. With this aim in mind, we develop an optimization model of the utility provided by purchasing a lifetime annuity with contingent survivor benefit or a joint survivor life annuity. This will enable us to calculate equivalent wealth in various contexts: the possibility of access to actuarially fair annuity markets, the inclusion of so-called market imperfections, and the assumption that couples already have part of their wealth in pre-existing lifetime annuities. Results are presented for a model specification calibrated to Spain.Capitalization, Pension Funds, Retirement, Utility.

THE BEQUEST MOTIVE AND SINGLE PEOPLE’S DEMAND FOR LIFE ANNUITIES

The main objective of this paper is to go deeper into the “annuity puzzle” by introducing the altruistic and strategic bequest motive and determining whether this really is a relevant factor affecting the theoretical decision to purchase life annuities. With this end in view we develop an optimization model based on that first put forward by Lejárraga et al. [2002], then add to it elements from other models such as Friedman and Warshawsky’s [1990] and Jousten’s [1998 & 2001] which include the bequest motive. We also analyse welfare by calculating the equivalent wealth in different contexts: the possibility of having access to an actuarially fair life annuity or programmed withdrawal market, the incorporation of so-called market imperfections, and the inclusion of the hypothesis that the individuals already have part of their wealth in pre-existing life annuities.Capitalization, Pension Funds, Phased Withdrawal, Retirement, Utility.

Sustainability in the waste management sector: an analysis through the gri reports

This paper aims to investigate the conditioning factors of the level and characteristics of the sustainability reports reported by companies in a sector on which, despite its relevance in terms of sustainability, there are hardly any studies that deal with this issue: the management sector waste. The study has been carried out on the basis of the reports reported by the companies in this sector in the GRI database. The background shows how certain factors that characterize the companies that issue sustainability reports influence the level of transparency or the level of voluntary disclosure and the characteristics of the reports issued. Specifically, much of the research finds evidence that relates these aspects to factors such as the country in which the company is located, its size, its public or private nature, or the fact that the company is listed on a stock exchange, characteristics that are analyzed in this study. To achieve the proposed objective, a statistical study is carried out on the reports reported in the GRI database for a sample of all the European companies in the waste management sector, through the statistical technique of Chi-square contrast on the independence of variables. The factors analyzed have been determined based on the experience of previous studies, as in the case of the country variable that has been characterized based on the Hofstede model of dimensions. The results obtained show that all the factors analyzed influence some of the elements selected for the characterization of the reports, specifically in the type of report, its level of adherence, the inclusion of the OECD guidelines, the mention of the UNGC pact or the existence of external verification.ASEPUC2022-2

Waste management sector according to GRI: factors influencing sustainability reporting

This study aims to analyze the sustainability reports prepared by companies in the waste management sector following Global Reporting Initiative (GRI) standards. The goal of the study is to determine if the option of the level of application and the scope of application are determined by the country of location, the size of the company, the type of organization and/or whether or not the company is listed on a stock exchange. There are analyzed all the reports included in the GRI database in the 2014-2020 period from European companies operating in the waste management sector, so, a final sample made up of 99 reports. The results, obtained through Pearson's Chi-Square test, show that the characteristics of the information reported by these companies, following the GRI guidelines, are partially influenced by the aforementioned variables. The importance of the waste management sector for the sustainable development of economic growth, and the scarcity of studies related to this specific issue requires a further analysis to shed light on the conditioning factors that can influence the disclosure of this information.2022-2

How do CEF.-UDIMA graduates evaluate sustainability in companies in accounting matters?

Incorporating corporate social responsibility (CSR) and Sustainability in the usual practice of companies is a challenge in today's society. University education is a fundamental pillar to meet this challenge, especially from the accounting area, which is responsible for a large part of measuring and evaluating the degree of implementation of CSR and Sustainability policies in organizations. The objective of this work is to know the opinion of the graduates of the degrees related to the accounting area of the CEF.-UDIMA group on the implications of the commitment to sustainable development strategies by companies and to verify if their assessment may be influenced by certain factors, such as their perception of the training received; the characteristics of the graduates, the degrees they have completed, or the work they do once they have finished their studies, among other aspects. To this end, issues related to CSR and sustainability assessment have been incorporated into the questionnaire of the labor insertion survey that the group issues annually, in this case, addressed to graduates in the last five years. By carrying out non-parametric tests, it will be determined if there is any association between the factors that characterize the graduates and their degree of agreement with the advantages of implementing CSR and sustainability strategies in the company from the point of view of the benefits dimension. Specifically, evaluations of graduates' opinions on the adoption by companies of sustainable development strategies and the advantages or benefits that this entails have been collected. The results of the study conclude that there is no relationship between the training received by the respondents (according to their perception) and the opinion they hold about the benefits provided by sustainable development and CSR strategies in organizations. The respondents' opinions do not change depending on their personal and/or work characteristics, except in the type of contract, since significant differences are observed between self-employed and temporary or those who do not work and among those who have an indefinite contract compared to temporary ones. Labor practices and the involvement and motivation of workers are essential in implementing sustainable development strategies in companies, so it is vital to know employees' opinions concerning the benefits of adopting this type of strategy in organizations to find out if there is any gap between the training they receive in CSR and Sustainability and the reality of the work environment, and to determine what factors can influence the beliefs and perceptions about Sustainability of employees. Most studies focus on employee-employee relations and human resource management policies that companies must follow to motivate employees toward sustainable development. However, other factors that may be influencing the predisposition of employees towards activity focused on Sustainability are not analyzed, so in this work, we intend to cover this gap, incorporating the study of variables such as personal and work characteristics of employees, linking them with the training received in accounting.2022-2

Segundo ejercicio resuelto de las pruebas selectivas para el ingreso en el Cuerpo Técnico de Hacienda (turno libre)

Caso 1. Contabilidad de sociedades. Reparto de beneficios, emisión de un empréstito convertible clasificado como instrumento compuesto, aportaciones no dinerarias y activos financieros mantenidos para negociar. Caso 2. Contabilidad financiera. Capitalización de gastos financieros en la construcción de un buque, préstamo en moneda extranjera y coberturas de divisas. Caso 3. Contabilidad financiera. Supuesto de existencias, registro de compras y ventas, variación de existencias, determinación del valor de las existencias finales por FIFO y el margen bruto de cada producto y el total. Caso 4. Contabilidad financiera. Contabilizar una serie de operaciones, determinar el resultado contable antes de impuestos, establecer el cálculo del impuesto sobre sociedades, contabilizar el impuesto y realizar la conciliación entre el resultado contable y la base imponible. Caso 5. Matemáticas financieras. Comparación del coste de dos préstamos y elegir el de menor coste y cálculo del valor de la anualidad de un empréstito que incorpora lote constante y gastos de administración, además de establecer el valor de un título a día de hoy

Proyecto de innovación para la formación emocional del profesorado a distancia

El proyecto denominado #MejoresDocentesIII se plantea como una continuación de dos proyectos anteriores centrados en el análisis de las necesidades formativas de los estudiantes de los distintos programas de formación docente de la Universidad a Distancia de Madrid (UDIMA), con el fin de desarrollar su labor desde un punto de vista crítico, mejorando su rendimiento profesional y académico. En este nuevo proyecto, se pretende que los estudiantes de los diversos programas de formación de profesorado tomen conciencia de la importancia de los aspectos afectivos y emocionales en el proceso de enseñanza, valorando la enseñanza como una práctica en la que intervienen procesos cognitivos y afectivos, tales como las creencias, actitudes y emociones, para así mejorar su práctica docente en el aula. De esta forma, a través de un espacio virtual como punto de encuentro, se ha dotado a los estudiantes de diferentes actividades y estrategias para afrontar y mejorar la práctica en el aula desde el punto de vista afectivo, haciéndoles entender la dimensión emocional como un componente más del conocimiento disciplinar.2023-2

Estudio empírico sobre los conocimientos, habilidades y necesidades empresariales en el ámbito de la contabilidad y la administración de empresas: Un análisis a partir de los grados y posgrados de CEF.- UDIMA

Este trabajo se centra en el análisis sobre los conocimientos, habilidades y necesidades empresariales en el ámbito de la contabilidad y la administración de empresas. También, y de forma más general, se abordan otras parcelas de la información financiera y no financiera o en materia de sostenibilidad, buscando analizar el grado de empleabilidad, mejora y utilidad para los estudiantes que se han formado en las materias citadas. El trabajo se estructura en cuatro partes: revisión del marco teórico del trabajo y sus antecedentes; metodología y descripción de la muestra; análisis de los resultados de la investigación, y conclusiones alcanzadas. La parte empírica del mismo se ha desarrollado eligiendo como población los alumnos/as (egresados/as) que han realizado los estudios de las materias seleccionadas en el Grupo Educativo CEF.- UDIMA. Las respuestas recibidas nos han permitido hacer estimaciones con un nivel de confianza de al menos el 90% y con un error muestral máximo del 5%. Algunas de las evidencias obtenidas destacan que la mayoría de los/as encuestados/as (94,12%) trabaja actualmente en alguna actividad relacionada con los estudios realizados en las materias citadas; más del 60% ha mejorado, en un corto espacio de tiempo, su posición tras la finalización de los estudios o ha conseguido un empleo; el 75% considera que los conocimientos adquiridos durante la titulación le han permitido desarrollar su trabajo, manifestando estar satisfechos/as o muy satisfechos/as con su puesto de trabajo (con una puntuación media de 3,97 sobre 5) o que valoran de manera muy positiva (4,17 sobre 5) la formación recibida en contabilidad, así como en información no financiera.2021-2

Demand for life annuities from married couples with a bequest motive

This paper will try to explain the “annuities puzzle” in greater depth by introducing the bequest motive, both strategic and altruistic. It will try to determine whether this motive really is a relevant feature influencing the demand for lifetime annuities from married couples. With this aim in mind, we develop an optimization model of the utility provided by purchasing a lifetime annuity with contingent survivor benefit or a joint survivor life annuity. Our model is based on that first put forward by Brown & Poterba (2000), to which we add elements from other models such as Friedman and Warshawsky’s (1990) and Vidal & Lejárraga's (2004) which include the bequest motive. This enables us to calculate equivalent wealth in various contexts: the possibility of access to actuarially fair annuity markets, the inclusion of so-called market imperfections, and the assumption that couples already have part of their wealth in pre-existing lifetime annuities. Numerical results are presented for the case of Spain. The bequest motive is found not to be a significant factor influencing the demand for annuities from couples. Indeed very few couples would be willing to purchase them once we take into account the combined effects of market imperfections, the possibility of pre-existing annuities and the bequest motive. These findings have repercussions for policy-makers regulating defined contribution capitalization systems which are complementary to defined benefit systems.